Goldman Sachs profit exceeds expectations, tech shares rally, lifting US stocks
Tech shares led US stocks early Monday following Trump administration tariff exemptions as Wall Street equities began the week on a positive note after last week’s volatility.
US officials have listed tariff exemptions for smartphones, laptops, semiconductors and other electronic products for which China is a major source for optimism, lifting shares of Apple, Nvidia and other tech giants.
But Trump and other top officials have characterised the reprieve as temporary.
“There is still some uncertainty about what comes next,” Briefing.com analyst Patrick O’Hare said of Trump’s tariffs.
“But ahead of today’s open the market is acting as if it is captivated only by what comes now.”
About 25 minutes into trading, the Dow Jones Industrial Average was up 1.0 percent at 40,602.97
The broad-based S&P 500 gained 1.4 percent to 5,435.62, while the tech-rich Nasdaq Composite Index advanced 1.5 percent to 16,980.17.
The early gains followed last week’s gyrations across global markets as Trump’s shifting trade policies reverberate through global markets.
Among individual companies, Goldman Sachs jumped 1.4 percent after reporting better than expected profits behind a strong performance in equity trading.
AFP
